According to Market Research Future (MRFR), the Global Pharmacogenomics Market Share is Projected to grow at a CAGR of 8.52% Over the Forecast Period 2023-2032.
Market Drivers and Top Barriers
The deciding factors in the pharmacogenomics market research growth include the surging expenditure in research and development (R&D) along with the elevating rate of adverse reactions. World over, there has been a rising focus on precision medicine coupled with the growing need for drug safety as well as efficacy, which has led to the market expansion in recent years. On that note, the strong focus on precision medicine is striving to expand the pharmacogenomics market, as the primary aim of precision medicine is integrating genetic as well as environmental information of certain diseases along with their responses to specific treatments.
This factor helps in targeted drug therapies, in addition to the growing adoption of treatment procedures that reduce the side effects and achieve accurate results, which makes extensive use of pharmacogenomics. For instance, in 2015, the United States (U.S.) government had implemented a new precision medicine initiative to augment the development of individualized care, which includes genetic variability for a variety of chronic disorders.
Additionally, the rapid growth in the number of research studies associated with sequencing, particularly next-generation sequencing, will raise the demand for pharmacogenomic tests in the years to come. This factor will play an integral role in market growth to a large extent.
Pharmacogenomics market players include Assurex Health Inc. (U.S.), Pathway Genomics (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Myriad Genetics, Inc. (U.S.), GeneDx. (U.S.), Future Science Group (U.S.), GeneTech (U.S.), 23andMe, Inc. (U.S.), and others.
Pharmacogenomics is considered to be a vital aspect in terms of cancer treatment, having proved to be a favorable option helping with the survival of patients. Over and above that, pharmacogenomics also has managed to reduce the additional cost owing to unresponsive treatment. Therefore, growing use of pharmacogenomics for the treatment of cancer has resulted in numerous significant discoveries, which is bound to contribute to the growth of the worldwide market in the upcoming period.
The global pharmacogenomics market outlook has been segmented on the basis of technology, application, and end user.
The types of technology in the market include microarray, sequencing, polymerase chain reaction, and others. The sequencing segment is further segmented on the basis of Sanger sequencing, pyrosequencing, next-generation sequencing, and others.
The segments based on application are oncology, cardiology, neurological disorders, and others. The oncology segment can be considered for breast cancer, lung cancer, and others.
On the basis of end users, the market is segmented into hospitals, research organizations, academic institute, and others.
The pharmacogenomics market trends is spread across the primary regions of the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas has been identified as the dominant region in the global pharmacogenomics market insights, on account of highly-developed healthcare industry coupled with the inclusion of developed countries such as the United States (U.S.) as well as Canada. Furthermore, the expansion of the patient pool suffering from cardiovascular diseases as well as the growing healthcare expenditure is nurturing the growth of the regional market. As per the Centers for Diseases Control and Prevention, in 2015, heart disease had been the main cause of death for men as well as women in the U.S. In addition, the analysis suggested that the spending on healthcare for heart diseases in the country touches the valuation of USD 200 billion every year.
Data analysts concur that Europe stands second in the global pharmacogenomics market, with the Asia Pacific following suit. The surge in the funds for research and development on top of the increasing government support and the expanding patient population will prove to be instrumental in the market growth. Plus, the region also benefits from the primary contribution of the developed nations such as France and Germany with excellent growth prospects in the medical field.
Racing ahead at the fastest growth rate is the region of Asia Pacific, with the primary reasons being the burgeoning patient pool and the progressively growing economies such as India and China in the region. The Indian Brand Equity Foundation had reported in 2016 that the biotech industry in India is expected to arrive at the valuation of USD 100 billion by the year 2025, crossing the value of USD 7 billion it had reached in 2015. The industry is also expected to expand at a growth rate of 30.46% in the mentioned evaluation period, as per reports.
Meanwhile, the growth of the Middle East & Africa market has been inferior to other regions in the global pharmacogenomics market. This stunted growth can be the result of the poor economy, low expenditure on healthcare, and the rigid government policies, particularly in Africa. Concurrently, the substantial portion of the regional market is controlled by the Middle East, with the backing from the well-established healthcare industry combined with the growing healthcare expenditure. Apart from this, developed countries such as Dubai, Saudi Arabia, and Qatar have a big hand in the growth of the Middle East & Africa market.
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